On the stablecoin front: Hong Kong’s Yuanbi Technology has launched the USD stablecoin RDUSD, with US-based Anchorage Digital Bank handling issuance, reserves, minting and redemption. It is deployed on HashKey’s HSK Chain. The Hong Kong company handles the brand and application ecosystem, while the US bank handles compliant issuance. The key things to watch are how frequently reserve disclosures are made, whether redemption channels are tiered for retail and institutional users, and whether the Hong Kong–US division of responsibilities becomes a template for more “offshore brand + onshore issuance” arrangements. Don’t read the launch as meaning that issuing USD stablecoins locally in Hong Kong is now fully open, and don’t overlook the boundaries of custody and audit responsibilities across jurisdictions.